?? Toronto Real Estate Market Update - Buyers Benefit from Increased Choice Amidst Stable Prices
?? Inventory: The real estate market in the Greater Toronto Area (GTA) offers buyers a unique advantage with an incredible +55.4% increase in listings, giving buyers plenty of options to secure an ideal property
?? Stable Prices: The average GTA home price holds steady at $1,106,617, with only a slight -0.9% dip since last year in July. Suburban condos saw the steepest decline at a -5.7% annual price decrease
?? Lower Sales Volumes: Home sales are down by a nominal -3.3% compared to the low sales numbers we saw last year in July, yet prices remain firm with interest rates on a downward trend, signalling a prime opportunity for buyers looking to invest in the condo market.
?? Market Outlook: Our current market is largely a buyer's market in most neighbourhoods, offering more negotiating power and favourable purchasing conditions. With another rate cut anticipated in early September, now is the perfect time to secure a property before more buyers entering the market give rise to property prices.
?? If you’re considering buying or selling this year, contact Karen’s team for a personalized consultation on your real estate goals at 647-836-2885 or visit www.TorontoRealEstateSpecialists.com